3c4

You plan to buy the house of your dreams in 18 years. You have estimated that the price of the house will be $105,705 at that time. You are able to make equal deposits every month at the end of the month into a savings account at an annual rate of 13.81 percent, compounded monthly. How much money should you place in this savings account every month in order to accumulate the required amount to buy the house of your dreams?

Round the answer to two decimal places.

3b4

You are going to save money for your sons education. You have decided to place $2,724 every half year at the end of the period into a saving account earning 11.02 percent per year, compounded semi-annually for the next 11 years. How much money will be in the account at the end of that time period?

Round the answer to two decimal places.